Norwegian Cruise Line
NCLH
646 hedge funds and large institutions have $8.65B invested in Norwegian Cruise Line in 2025 Q4 according to their latest regulatory filings, with 106 funds opening new positions, 232 increasing their positions, 178 reducing their positions, and 92 closing their positions.
30% more repeat investments, than reductions
Existing positions increased: 232 | Existing positions reduced: 178
15% more first-time investments, than exits
New positions opened: 106 | Existing positions closed: 92
2.48% more ownership
Funds ownership: 82.69% → 85.17% (+2.5%)
0% more funds holding
Funds holding: 645 → 646 (+1)
6% less capital invested
Capital invested by funds: $9.2B → $8.65B (-$549M)
8% less funds holding in top 10
Funds holding in top 10: 13 → 12 (-1)
12% less call options, than puts
Call options by funds: $403M | Put options by funds: $456M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BlackRock
New York
|
+$165M |
| 2 |
AQR Capital Management
Greenwich,
Connecticut
|
+$135M |
| 3 |
Marshall Wace
London,
United Kingdom
|
+$111M |
| 4 |
Bank of Nova Scotia
Toronto,
Ontario, Canada
|
+$108M |
| 5 |
Capital International Investors
Los Angeles,
California
|
+$78.7M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of America
Charlotte,
North Carolina
|
-$95M |
| 2 |
FGP
Freestone Grove Partners
San Francisco,
California
|
-$90.9M |
| 3 |
BNP Paribas Financial Markets
Paris,
France
|
-$69.6M |
| 4 |
UBS Group
Zurich,
Switzerland
|
-$66.6M |
| 5 |
Citadel Advisors
Miami,
Florida
|
-$56.5M |
NCLH Hedge Fund Activity: Q4 2025 in Review
646 of the 8,265 institutional investors tracked by Wall St. Rank reported a position in Norwegian Cruise Line (NCLH) for Q4 2025, worth a combined $8.65B — down 6% from $9.2B a quarter earlier.
Buyers outnumbered sellers: 106 funds opened new NCLH positions and 92 closed out — a net gain of 14 holders — while 232 added to existing stakes and 178 trimmed.
The largest buyer was BlackRock, adding an estimated $165M. The largest seller was Bank of America, cutting an estimated $95M.
- 646 institutional investors held Norwegian Cruise Line (NCLH) as of Q4 2025, up from 645 in Q3 2025.
- Funds reported $8.65B of Norwegian Cruise Line stock for Q4 2025, down 6% quarter-over-quarter.
- 106 funds opened new Norwegian Cruise Line positions in Q4 2025 and 92 closed out, a net change of +14 holders.
- The largest Norwegian Cruise Line buyer in Q4 2025 was BlackRock, an estimated $165M added.
- The largest Norwegian Cruise Line seller in Q4 2025 was Bank of America, an estimated $95M sold.
Based on aggregated 13F filings for Q4 2025.